Tingo Group’s stock is down 80% on the Nasdaq because of a report by Hindenburg Research.
In a brief report on Tuesday, Hindenburg explained that there was a sell action on Tingo Group because of financial fraud. Tingo said it has multiple business segments focused on providing mobile phones, food processing, and an online grocery marketplace for Nigerian farmers.
The US-based research firm had identified significant red flags behind founder Dozy.
First, he appears to have fabricated a career claim that he developed Nigeria’s first mobile payment app. We reached out to the app’s actual creator, and he called his Dozy claim “a total lie.” Dozy claimed to have a PhD. In 2007, he maintained he graduated from a Malaysian university with a degree in Rural Development.
The research firm contacted the school to confirm his degree. They replied that they could not find anyone by his name in their verification system.